Pros
No logging of timings. You are free to come at any time and go at any time. No one is bothered. Tracking of any sort doesn't exist here. So you can take as many leaves and no one knows.
Cons
Executive management does not care of the needs of the employee. They are also not approachable. You keep on writing mails to them and there will be no response from most of them. No KPI is set for any body. Every senior managers and directors have fat ego and they think that only they are running the company. If you are not good in buttering then forget your good appraisals, new project assignments, good feedback, etc. Firstly there is no planning and only work and work. Company doesn't believe in processes and hence you will not get any support if you try to introduce one. And most neglected part is the people who are on pool/bench.